Raqami Islamic Digital Bank Limited (RIDBL) has been granted a Digital Retail Banking License by the State Bank of Pakistan for commencement of Commercial Operations, marking a significant milestone as Raqami becomes the first fully digital Shariah-compliant retail bank in Pakistan.
The formal recognition and license were conferred at a ceremony held at the Prime Minister House, with the Prime Minister of Pakistan, Mian Muhammad Shehbaz Sharif as Chief Guest, in the presence of senior officials and representatives of the government and the State Bank of Pakistan.
With the grant of its Commercial Operations license, Raqami Islamic Digital Bank has now commenced full-scale digital retail banking operations, offering Shariah-compliant digital banking services designed around transparency, accessibility, reliability, inclusivity and customer experience, to serve the underbanked and the underserved across Pakistan.
Addressing the audience at the license awarding ceremony, the Prime Minister said that strong political relations must be complemented by robust economic engagement, stressing that sustainable partnerships cannot flourish without trade, investment, and financial collaboration. He expressed how the advancement of digital banking reflects Pakistan’s commitment to financial inclusion, and the nation moving forward towards a truly cashless economy, with institutions such as Raqami Islamic Digital Bank have an important role to play in expanding access to banking services to the masses.
The Chairman of the Board of Directors of Raqami Islamic Digital Bank, Mr. Abdullah Al-Mutairi, thanked the Government of Pakistan and the State Bank of Pakistan for their support and presented a commemorative memento to Prime Minister Muhammad Shehbaz Sharif to mark the occasion.
Raqami Islamic Digital Bank CEO, Mr. Umair Aijaz said the bank would offer fully digital Shariah-compliant banking services designed to enhance accessibility and efficiency, with a focus on customer experience, while supporting Pakistan’s broader financial inclusion agenda.
Raqami Islamic Digital Bank has been established to deliver a fully digital, Shariah-compliant banking experience, with products and services designed to empower and meet the evolving needs of individuals, freelancers, women, the agricultural sector, youth and small and medium enterprises across Pakistan.
The grant of the commercial license follows a comprehensive regulatory evaluation by the State Bank of Pakistan and reflects the regulator’s continued support to encourage digital and technological innovation, while safeguarding financial stability and promoting consumer trust.
Raqami Islamic Digital Bank’s technology platform has been developed in collaboration with Codebase Technologies, a global digital banking technology provider. The Codebase Technologies team and Raqami Islamic Digital Bank have worked hand in hand to build a highly composable, fully digital Shariah-compliant retail bank stack that not only meets the regulatory requirements of the State Bank of Pakistan but delivers a premium digital customer experience. Hence, the green light by the State Bank to proceed with Commercial Operations is a momentous achievement for Raqami and Codebase.
“Raqami’s commercial license marks a major milestone for the evolution of digital banking in Pakistan. We’re proud that our DigibancTM platform was leveraged to help bring this vision to life in one of the most exciting emerging markets for digital banking,” commented, Raheel Iqbal, Managing Partner at Codebase Technologies.
Implementation is based on end-to-end customer journey mapping, agile delivery methodologies, and deep integration with ecosystem partners for services such as real-time payments, digital onboarding, biometric verification, transactional takaful, among others.
Powered by Codebase Technologies’ DigibancTM microservices-based, API-first digital banking platform, Raqami has been designed for agility and scalability. The DigibancTM platform enables seamless future integrations, product enhancements, and compliance with evolving regulatory and market requirements—while maintaining a secure, resilient, and fully compliant banking environment. The initiative under the Digital Banking Framework also aligns with the State Bank of Pakistan’s objective of achieving 75% financial inclusion by 2028.
About Raqami Islamic Digital Bank
Raqami Islamic Digital Bank is the first fully digital Shariah-compliant retail bank of Pakistan, built to offer secure, transparent, and customer-centric banking services through a digital-first platform. Designed around modern financial needs and Islamic values, Raqami aims to expand access to ethical banking solutions across Pakistan.
About Codebase Technologies
Built for the world, Codebase Technologies is a global digital banking technology powerhouse serving clients in MENA, APAC, and Africa. As a boutique technology consultancy and transformation partner, Codebase Technologies goes beyond software to deliver real, measurable impact for financial institutions across the globe.
With a bold mission to unlock potential through disruptive innovation, Codebase Technologies empowers Islamic and conventional banks, fintechs, neobanks, lenders, and startups to not just digitize, but to differentiate, lead, and grow. Whether launching a greenfield neobank or modernizing legacy infrastructure, Codebase Technologies brings together strategic advisory, technology, and execution into one seamless offering.
At the heart of its innovation engine is Digibanc™ an award-winning, cloud-native, and API-first digital banking platform. Digibanc™ delivers end-to-end capabilities across channels, core banking, lending, card issuance, customer engagement, and more, supported by a robust ecosystem of over 650 market-ready APIs.
As one of the world’s fastest growing fintechs, Codebase Technologies has redefined what it means to innovate at speed and scale, bridging local insight with global execution.
Learn more at:
Website: www.codebtech.com
LinkedIn: https://ae.linkedin.com/company/codebasetechnologies
Youtube: https://www.youtube.com/channel/UCHchl1RaH_38KeYUTQjllsQ
Instagram: https://www.instagram.com/codebase.technologies/?hl=en
